Exhibit 99.11
Monthly Investor Report: Verizon Master Trust - VZMT 2025-7
| Collection Period |
Payment Date |
Transaction Month |
Series Status at End of Prior Payment Date |
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| April 2026 | 05/20/2026 | 8 | Revolving | |||||||||||||||||||||||||||||
| Offered Notes |
Anticipated Redemption Date |
Final Maturity Date |
Issuance Note Balance |
SOFR:Days in the Interest Period |
Note Interest Rate | SOFR Adjustment Date |
SOFR30A | Total | ||||||||||||||||||||||||
| Class A-1a |
8/21/28 | 08/20/2031 | $ | 601,430,000.00 | 3.96 | % | 3.96 | % | ||||||||||||||||||||||||
| Class A-1b |
8/21/28 | 08/20/2031 | $ | 200,470,000.00 | 30 | SOFR +0.52 | % | 05/13/2026 | 3.64285 | % | 4.16 | % | ||||||||||||||||||||
| Class B |
8/21/28 | 08/20/2031 | $ | 61,310,000.00 | 4.21 | % | 4.21 | % | ||||||||||||||||||||||||
| Class C |
8/21/28 | 08/20/2031 | $ | 36,790,000.00 | 4.40 | % | 4.40 | % | ||||||||||||||||||||||||
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| Total |
$ | 900,000,000.00 | ||||||||||||||||||||||||||||||
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| Series 2025-7 Allocation % x Group One Available Funds |
$ | 59,308,790.51 | ||
| Amounts paid by the Cap Counterparty |
N/A | |||
| Available Subordinated Amounts |
$ | 0.00 | ||
| Amounts drawn on the Reserve Account |
$ | 0.00 | ||
| Amounts released from Principal Funding Account |
$ | 0.00 | ||
| Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption |
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| Total Available Funds |
$ | 59,308,790.51 |
| Beginning of Period Reserve Account Balance |
$ | 9,809,264.31 | ||
| Required Reserve Amount |
$ | 9,809,264.31 | ||
| Shortfall in Required Reserve Amount |
$ | 0.00 | ||
| Reserve Account funds needed this period (True/False) |
FALSE | |||
| Reserve Account draw amount required |
0.00 | |||
| Reserve Account Deposit Amount |
$ | 0.00 | ||
| End of Period Reserve Account Balance |
$ | 9,809,264.31 |
| Waterfall Distribution | Amount Due | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | |||||||||||||||
| Master Collateral Agent Fee |
$ | 65.76 | $ | 65.76 | $ | 0.00 | $ | 0.00 | $ | 59,308,724.75 | ||||||||||
| Owner Trustee Fee |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 59,308,724.75 | ||||||||||
| Asset Representations Reviewer Fee |
$ | 34.32 | $ | 34.32 | $ | 0.00 | $ | 0.00 | $ | 59,308,690.43 | ||||||||||
| Supplemental ARR Fee |
$ | 137.26 | $ | 137.26 | $ | 0.00 | $ | 0.00 | $ | 59,308,553.17 | ||||||||||
| Indenture Trustee Fee |
$ | 1,250.00 | $ | 1,250.00 | $ | 0.00 | $ | 0.00 | $ | 59,307,303.17 | ||||||||||
| Servicing Fee |
$ | 693,624.28 | $ | 693,624.28 | $ | 0.00 | $ | 0.00 | $ | 58,613,678.89 | ||||||||||
| Class A-1a Note Interest |
$ | 1,984,719.00 | $ | 1,984,719.00 | $ | 0.00 | $ | 0.00 | $ | 56,628,959.89 | ||||||||||
| Class A-1b Note Interest |
$ | 695,438.78 | $ | 695,438.78 | $ | 0.00 | $ | 0.00 | $ | 55,933,521.11 | ||||||||||
| First Priority Principal Payment |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,933,521.11 | ||||||||||
| Class B Note Interest |
$ | 215,095.92 | $ | 215,095.92 | $ | 0.00 | $ | 0.00 | $ | 55,718,425.19 | ||||||||||
| Second Priority Principal Payment |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,718,425.19 | ||||||||||
| Class C Note Interest |
$ | 134,896.67 | $ | 134,896.67 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Third Priority Principal Payment |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Reserve Account up to Required Reserve Amount |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Regular Priority Principal Payment |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Supplemental Successor Servicer Fee |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Additional Interest Amounts |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Make-Whole Payments |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Additional Fees and Expenses |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Additional Trust Expenses |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 55,583,528.52 | ||||||||||
| Class R Interest |
$ | 55,583,528.52 | $ | 55,583,528.52 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
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| Total |
$ | 59,308,790.51 | $ | 59,308,790.51 | $ | 0.00 | $ | 0.00 | ||||||||||||
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| Total Priority Principal Payments and Additional Interest Amounts |
$ | 0.00 | ||||||||||||||||||
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| Noteholder Payments | Note Balance | PFA Account | Interest Payment | Add’l Interest | Make-Whole | Total Payment | ||||||||||||||||||
| Class A-1a |
$ | 0.00 | $ | 0.00 | $ | 1,984,719.00 | $ | 0.00 | $ | 0.00 | $ | 1,984,719.00 | ||||||||||||
| Class A-1b |
$ | 0.00 | $ | 0.00 | $ | 695,438.78 | $ | 0.00 | $ | 0.00 | $ | 695,438.78 | ||||||||||||
| Class B |
$ | 0.00 | $ | 0.00 | $ | 215,095.92 | $ | 0.00 | $ | 0.00 | $ | 215,095.92 | ||||||||||||
| Class C |
$ | 0.00 | $ | 0.00 | $ | 134,896.67 | $ | 0.00 | $ | 0.00 | $ | 134,896.67 | ||||||||||||
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| Total |
$ | 0.00 | $ | 0.00 | $ | 3,030,150.37 | $ | 0.00 | $ | 0.00 | $ | 3,030,150.37 | ||||||||||||
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| Payment per $1,000 of Notes | As of Prior Payment Date | Current Payment Date | ||||||||||||||||||||||||||||||
| Noteholder Payments |
Note Balance per $1,000 of Notes |
Interest Payment | Make-Whole Payment | Total Payment | Balance | Note Pool Factor | Balance | Note Pool Factor | ||||||||||||||||||||||||
| Class A-1a |
$ | 1,000.00 | $ | 3.30 | $ | 0.00 | $ | 3.30 | $ | 601,430,000.00 | 1.00 | $ | 601,430,000.00 | 1.00 | ||||||||||||||||||
| Class A-1b |
$ | 1,000.00 | $ | 3.47 | $ | 0.00 | $ | 3.47 | $ | 200,470,000.00 | 1.00 | $ | 200,470,000.00 | 1.00 | ||||||||||||||||||
| Class B |
$ | 1,000.00 | $ | 3.51 | $ | 0.00 | $ | 3.51 | $ | 61,310,000.00 | 1.00 | $ | 61,310,000.00 | 1.00 | ||||||||||||||||||
| Class C |
$ | 1,000.00 | $ | 3.67 | $ | 0.00 | $ | 3.67 | $ | 36,790,000.00 | 1.00 | $ | 36,790,000.00 | 1.00 | ||||||||||||||||||
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| Total |
$ | 1,000.00 | $ | 3.37 | $ | 0.00 | $ | 3.37 | $ | 900,000,000.00 | 1.00 | $ | 900,000,000.00 | 1.00 | ||||||||||||||||||
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| Beginning Period | Add: Deposit | Ending Period | ||||||||||
| Principal Funding Account Limit |
$ | 450,000,000.00 | 450,000,000.00 | |||||||||
| Principal Funding Account balance |
$ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.
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